Real Estate Investor Magazine South Africa May 2013 | Page 41

REI Commercial

Hyprop’s R2.3 Billion
Acquisition

E-Tolling Gets The Green
Light

Construction Companies Liable
For Corruption

Leading JSE shopping centre fund, Hyprop,
announced its R 2.3 billion acquisition of
Somerset Mall from Sycom Property Fund
(“Sycom”), in line with strategy to invest
in sizeable quality shopping centres. The
purchase consideration is being settled by the
transfer of 81 500 000 Sycom units to Sycom,
which will clear the way for Hyprop to exit
its investment in Sycom. Hyprop CEO Pieter
Prinsloo says: “Not only are we pleased to have
acquired a high quality regional shopping
cent re t hat complements ou r e x ist i ng
portfolio, but also that it has provided us the
opportunity to convert an indirect investment
into a direct property asset.” The purchase
consideration equates to 32,8% of Sycom
units in issue, or 97% of Hyprop’s holding in
Sycom. The effective date of the transaction is
1 October 2013.

Transport Minister Ben Martins warned
motor i s t s t h at g ov e r n me nt r em a i ne d
committed to e-tolling, adding this would be
implemented as soon as the National Council
of Provinces passed the enabling legislation.
Martins dismissed as ‘unfounded and baseless’
specu lation that the government cou ld
reconsider implementation of its unpopular
e-toll programme to charge for the use of
freeways. “E-tolling is on track. It has been to
Parliament and now it’s waiting for approval by
the National Council of Provinces and from
there it will be implemented. I suggest you get
your e-tags now so that you can get a discount,”
said Martins.
T he M i n i s te r s a id it w ou ld b e t he
responsibility of the SA National Roads
Agency (Sanral) to collect the tolls. He said he
was satisfied with the agency’s ability to do so.

The government wants to hold construction
company boss W2W'6?????&?R?bF?V?"f?&?2&P?f?V?BwV??G??b&?B?&?vv??r?6?''WF????6???W6?????B&?6R?f????r?'?????rF?V?6?v?&??F??p?6??G&7G2?V6????2FWfV???V?B???7FW ?V'&???FV?6?BF?B&V6W6R?b&??@?6???W6???( 2v??6??B&?6?VBF?R??GW7G'???F?P?&V6V?B7B( 2F?R6??WF?F???6???76????@?&V6V?fVB??&RF??C6??fW76???2?FV?6?@?F?Rv?fW&??V?Bv2&??7F??r?G266?G?F?????&?7W&R???vR?B????F?"&??V7G2??Bv0?gW'F?W"v?&???rv?F?F?R6??7G'V7F???6????W0???&?BF?6?V?WF?R??GW7G'??( ?4T?2???gWGW&Rv???F?RW'6???&W7??6?&??G?F?w&?p?F?R7V?GW&R?bG&?7&V?7??( ?FV??2&W?'FVBF???fR6?B?( ?v^( ?????RF?V?6?v?6??R???B?b?6??G&7B??F??2?( ?F?R&W?'BFG2F?Rv?fW&??V?@??B?6?WBW??6V?F?fW2f?"6????W2F?@?6?R6?V???6???W6?fR&7F?6W2?f?V&?R??W@???6?V?&VW"?t?????d?( ?F?R???&V?Vf?B?`?$T?G2?2F?B??R6??fP?F?&V7Bf?&V?v???fW7F?V?@??BF?R?Vv?6?F????2?????Rv?F???FW&?F????&W7@?&7F?6R6?F??27G'V7GW&P??2V?FW'7F??Bv??&???( ??wwr?&V??r?6?????6????&?6???B??&?6?WW ?( ??F?Vv?V6????0?6??F?F???2&V?V?6???W&6??&?W'G??76WG26??F??VRF??FV?fW"?6?F?fR&WGW&?2??v?V?G??vV?????6FVB?ff?6R?@???GW7G&??6?FW2&P?GG&7F?fR&?F?g&????fW7F?V?B?BFV??7??W'7V7F?fR?( ??G"????f?WF6?W"??$4?0?( ?v?V??B6??W2F??F?7WFW2??F?R'V??@?V?f?&???V?B?F?W6R&P??gFV?fW'?6???6FV@??B??f??fR?77VW2@??V?F??R?WfV?2v??6??v?V?BF?R?V??&??W0???V?B?bF??R?@????W?F?&W6??fR???F?R6?W'G2?"F?&?Vv??&&?G&F????( ??W7F?V??RFR??W&???6??&????4$T?B76?6?F????( ?&V6W6RF?R4?$T?BF?7V?6F????&?f?FW2??&V?Vf?G2??B?2??V??F?B??V?g???p?6?WF?g&?6??7FV@?&?W'G?V?F?F?W2v??????R?6F???F??F?R?4RF?&V6??R?$T?B?( ??G'?6??V???'W6??W72FWfV???V?@???vW"??4P?( ?F?RF?Gf?FvW2?`?F?R?Wr7G'V7GW&Rv?????6???RF?R?7FV@?&?W'G?6V7F?"?V6????&RGG&7F?fRF???6????fW7F?'2?( ????#24&V?W7FFR??fW7F? ??3????